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Thank you for asking. Unfortunately, no. We are upside down in the home. Otherwise we would refinance. Then unless the second mortgage holder wants to come up with cash out of their pocket to pay off the first mortgage at the foreclosure sale, they won't foreclose. I had a second mortgage as well with BOA and they threatened more than once to start foreclosure proceedings. They backed off each time as my condo was way under water. They would have gained nothing in a foreclosure auction, and in fact they would have lost even more money. Agreed. I'm sure Chase will be happy if Ocwen wants to take over and continue payments to them. LOL! I also agree that your husband is foolish. Tsk, tsk, tsk.

I agree with chicagorich. Has your friend thought about holding it (ie, getting a renter) to cover those costs? It might be wise to get short term renters in at a lowered rent which will help him catch up with the amounts owed.

As far as I know he has not written - it's only been by phone. Should I have him treat it as a 'validation' and write a letter in that manner? Thanks.

Hi All, I've been away from CB for a while and am back on behalf of a friend (and client). He's looking to refi his home and his otherwise stellar credit has a blemish on it courtesy of Western Union. Apparently there was an issue a few years ago in which they incorrectly thought he had an unpaid bill and it hit his credit. Everything was cleared up and he was sent a letter which showed him as being clear. I recently pulled his credit to refi him and the blemish was there. So he contacted WU again and they agreed he's in the clear and have allegedly contacted the CRAs about it. But I insisted that he also gets a copy of that letter again (he can't find his) so that he'll have that available if needed. Despite about 10 conversations with WU in which they keep saying they'll fax it over, he's received nothing. It's been about 3 months of this. What can he do to get said letter? (and is it even that important or am I just being overly cautious?) I just don't want to re-pull credit and see it still there and we're in the same spot as several months ago. Any input would be appreciated. Thanks in advance! 800s

I would also read the contract very carefully to make sure the Buyer was within the deadlines for Inspection, Appraisal and Financing. If not, you can make a claim on the EMD. Good luck!

Dolmar, that's sick! Are you sure about the numbers? None of my wholesalers are giving that, must be a Wells Fargo retail deal. Verrrry niiiiiice! (spoken like Borat) 800s

Hmmmm, are you sure about this? My understanding was that the 1st trust takes precedence followed by tax lien(s), then others follow. And I seem to recall that if a home goes into FC, there's a method by which to sidestep federal tax liens after a 120 day period. I don't recall the details, however something in my memory is telling me this. Can anyone confirm or deny? 800s

I hate that guy! And unlike Brian, I AM jealous. Congrats on the new home, it's always great to read another success story on CB. Shane's certainly one of the best. 800s

1. What Brian B and Dolmar have said is correct. 2. 5.5% doesn't really mean much anyway unless it's attached to a program. Imagine if I said that I'd sell you my car for $1000. Would you say yes? Or would you ask me what type of car that price tag is attached to? 3. What are the rates on your current 1st and 2nd? That will help determine whether or not you should refi. 800s

Hi Wantmore, We are all in a continuous mode of learning so you're in the right place! My question is how you determined that FMV is $214.5K. It sounds to me as if the assessed value (ie, the value upon which the county taxes that property) is $214.5K as opposed to FMV. FMV is what the house should sell for. If you don't know the area that well, you might need to speak with an agent to determine it. Good luck. 800s

Based on rates Thursday morning, the points being charged are too high. Based on yesterday afternoon, the deal is not bad. Not sure when you locked or were offered this. I'm not sure which state you're in (each is different).....IMO, $1075 for your closing/agent fees is too high. I'm used to the $600-700 range, though this does vary by state and whether or not you're using an attorney. 800s

Bailey, several things: 1. There is no 30-year adjustable. Just about every ARM is amortized over 30-years. 2. Lying is a bad thing. DO NOT LIE when dealing with mortgages - you're only asking for trouble. Please tell your friend that. 3. The reason they did not modify is because he claimed to be $2000 below his monthly debt. If that were true and they modified so that his monthly obligations were down to $3k/month, he'd still be in the hole. So the bank would rather he go into FC because it's going to happen anyway. Had he claimed $3500/mo (though that's also not accurate) he might have gotten help. 4. If he's making well above his obligations, there's no incentive to help him with a modification either. Here's what I see: a) if he's going to make good money for the next 3-5 years, then he should work hard and pay off his debts. if he doesn't see that happening, he should file BK and clear those debts so he can focus on keeping the house. Good luck! 800s

Unless you're buying with a HELOC, there is not "rate cut possibility" due for you. The discount rate is not related to most mortgage rates. 800s Fed Rate cut. Unless you're buying with a HELOC, there is not "rate cut possibility" due for you. The discount rate (aka, Fed Rate) is not related to most mortgage rates. 800s

As do I (and a bunch of other people do too)!! 800s

The answer is a combination of what JST said and the fact that ING's UW pretty much sucks azz. I lost a major deal back in Feb for the same reason. It was in an area that I knew well and the appraiser was stunned when they came back at about 15-20% lower than what he had. ING used a desktop review which was way off. One of the comps ING used was a teardown. I had the appraiser go through everything and I wrote a long response justifying the appraisal and they responded with a "no" and additional comps to support their position (yet again, improper comps). When I argued I was told they could do whatever they wanted. I have not sent a loan to them since. 800s